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Egypt plans to issue 2 billion dollars in Japanese yen bonds this week

rocky
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Egypt plans to issue 2 billion dollars in Japanese yen bonds this week Empty Egypt plans to issue 2 billion dollars in Japanese yen bonds this week

Post by rocky on Sun 13 Jan 2019, 3:53 am

Egypt plans to issue 2 billion dollars in Japanese yen bonds this week

Egypt plans to issue 2 billion dollars in Japanese yen bonds this week 12311



Egypt plans to issue two billion yen worth of bonds this week, two government sources told Reuters on Sunday.
In April last year, Egypt raised $ 2.46 billion from the sale of 8-year and 12-year euro bonds at 4.75 percent and 5.625 percent respectively.
"Deputy Minister Ahmed Kajuk traveled Japan last week and Singapore before on a promotional tour with JPMorgan and will be joined by the minister this week," one source said. "The offer will be made immediately after the tour without waiting for a tender to select the managers of the offering."
Egypt has borrowed heavily from abroad since it launched an economic reform program backed by the International Monetary Fund in late 2016.
"Egypt will issue 2 billion dollars in Samurai bonds denominated in Japanese yen this week," the second source told Reuters. "The value of the offering will be directed to repay the debt to the General Petroleum Corporation."
Samurai bonds are Japanese yen denominated bonds issued by foreign borrowers in Tokyo.
And of Egypt 's needs funding in the budget of 2018-2019 about 714.637 billion pounds (40.01 billion dollars), of which 511.208 billion in the form of local debt instruments and the remaining external funds from the issuance and loan IMF bonds.
Egypt faces a difficult repayment schedule for the next two years, trying to expand its investor base, extend its debt maturity and borrow less.
Egypt's foreign debt stood at 92.64 billion dollars at the end of June, up 17.2 percent year-on-year.



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